Category: Tax Reform

Tax Reform

IRS Resumes Automatic Collection Notices, Provides Failure-to-Pay Penalty and Accrued Interest Relief to Some by Angie Adames, CPA


Posted on February 22, 2024 by Angie Adames

The IRS announced it is resuming mailing automated collections and reminder notices to taxpayers with outstanding tax liabilities from 2021 and earlier, a practice it suspended in 2022. In certain circumstances, the agency will waive failure-to-pay penalties that accrued in tax years 2020 and 2021 during the height of the COVID pandemic. It is estimated […]

IRS Again Delays Reporting Requirement for Commercial Transactions involving Venmo and other Payment Apps by Savannah Cabrera Snow, CPA


Posted on January 16, 2024 by Savannah Cabrera Snow

For the second consecutive year, the IRS is postponing the implementation of a 2021 law requiring e-commerce companies and mobile payment platforms, such as Venmo, PayPal, Cash App and Square, to report certain business transactions to the IRS annually and issue to customers Forms 1099-K, Payment Card and Third-Party Network Transaction. Therefore, only taxpayers who […]

Expanded Tax Credit for Businesses Installing Alternative Fuel Refueling, Recharging Equipment by Claribel Velazquez, CPA


Posted on August 01, 2023 by Claribel Velazquez

The Inflation Reduction Act of 2022 (IRA) includes several tax credits and deductions intended to incentivize taxpayers to adopt alternative energy solutions in their homes and businesses. One such credit applies to the installation of products or facilities that store or dispense alternative fuels to motor vehicles, including electric charging stations and bidirectional charging equipment. […]

Rewards, Risks in Federal Student Loan Forgiveness Program by Angie Adames, CPA


Posted on September 08, 2022 by Angie Adames

On August 24, 2022, the Biden administration announced a three-point plan to cancel student loan debt for millions of eligible Americans and to extend the suspension of required federal student loan repayments that began at the start of the COVID pandemic. It is important taxpayers recognize that the plan does come with some restrictions and […]

President Proposes Higher Taxes on Billionaires, Corporations by Joseph C. Leuchter, CPA


Posted on April 20, 2022 by Joseph Leuchter

The Biden administration recently released its fiscal budget for 2023, which an accompanying fact sheet claims will help lower costs for American families, expand the productive capacity of the American economy and further reduce the deficit. To raise the revenue required to accomplish these goals, the budget proposes to modify existing business and international tax […]